NGEx Minerals Ltd. (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce the final drill results from the Phase 3 program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. The highlight of these results is the discovery of ultra high-grade visible gold in quartz veins in the Saturn zone, including 504.0 g/t over 1.55m and 290.0 g/t over 0.90m in two separate veins in hole DPDH046. This represents a new style of mineralization and a new exploration target for the project.

Highlights:

• Drillhole DPDH044 intersected:
  • 50.50m at 10.68% copper equivalent from 479.00m
• Drillhole DPDH045 intersected:
  • 15.40m at 10.28% CuEq from 191.60m
• Drillhole DPDH046 intersected:
  • 104.80m at 2.97% Cu, 14.74 g/t Au and 65.0 g/t Ag from 447.00m, including:
    • 61.90m at 3.46% Cu, 23.81 g/t Au and 87.3 g/t Ag from 467.10m, including:
      • 2.20m at 11.61% Cu, 142.27 g/t Au and 451.2 g/t Ag from 467.10m, plus:
      • 15.20m at 1.91% Cu, 61.72 g/t Au and 20.0 g/t Ag from 513.80m, including:
        • 3.60m at 2.68% Cu, 245.39 g/t Au and 14.7 g/t Ag from 520.00m

Wojtek Wodzicki, President and CEO, commented, “The discovery of ultra high-grade free gold in quartz veins (see Figures 1-3) adds an entirely new dimension to the Lunahuasi project. High-grade gold quartz veins are a well-known component of the high-sulphidation epithermal deposit model and have proven to be a very significant part of successful projects developed on this deposit style elsewhere, such as the renowned El Indio mine located 150km to the southwest. We have intersected some outstanding gold grades in previous drilling at Lunahuasi, but seeing this new style of mineralization with these grades provides us with the possibility of outlining substantial value in a gold-dominant style of mineralization – further increasing the potential of what is already a great mineral deposit.

These results cap a very successful Phase 3 drill program which has exceeded our expectations on several fronts. Following up on this intersection and continuing to explore for similar veins within the gold-rich Saturn and Mars zones will be an important component of our upcoming Phase 4 drill campaign. We are still in the early stages of exploring this remarkable deposit, continue to get positive surprises as we add drillholes to the Lunahuasi project, and we believe that there will be more discoveries to come.”

Table 1: Significant Intersections

DPDH044 was collared on the same platform as DPDH023 and angled to the south (170^o) with a dip of -61^o to drill across the Saturn zone perpendicular to the direction of the other drill holes. The hole drilled an oblique intersection of the zone between 259.00m and 721.20m which included a number of higher-grade sections. The estimated true width and overall grade of this intersection matches well with other Saturn zone holes (see News Release dated April 24, 2025) and helps to delineate the geometry of the zone.

DPDH045 was collared from the same platform as DPDH040 and drilled towards the northeast (45^o) at a dip of -65^o to test for continuity of the Mars zone between holes DPDH032 and DPDH042. The hole intersected a new zone between 191.60m and 207.00m (15.40m at 10.28% CuEq) and is interpreted to have hit the Mars zone between 391.00m and 397.00m (6.00m at 2.38% CuEq).

DPDH046 was drilled from the same platform as DPDH028 and angled to the west at a dip of -45^o to explore the Saturn zone to the north of DPDH028. It intersected the Saturn zone between 447.00m and 551.80m about 35m north of the zone intersected in DPDH028.

The hole drilled a very strong Saturn zone intersection, highlighted by two high-grade gold veins 53.90m apart; 2.20m at 142.27 g/t Au from 467.10m and 1.55m at 504.00 g/t Au from 521.00m. Both were characterized by visible gold in quartz veins, with the shallower vein clearly crosscutting an earlier pyrite-enargite vein as indicated by its higher copper grade. These veins appear to have been intersected by other Saturn zone holes, as shown in Table 2 below, most of which cross-cut massive sulphide veins. There is a 123m gap in drilling between this intersection and DPDH042 to the north, and the zone remains open up-dip and down-dip of this intersection.

DPDH047 was collared on the same platform as DPDH042 and drilled at an azimuth of 263^o and a dip of -65^o to test the Mars zone down dip of the strong intersection in that hole. It intersected the interpreted continuation of the Mars zone at 336.00m with 9.50m at 3.83% CuEq, 64m below the intersection in DPDH042. The zone remains open down-dip and to the south of this intersection. The hole went on to intersect two additional intervals, as shown in Table 1, and stopped short of the northern projection of the Saturn zone due to the end of the season.

Discussion

The presence of ultra-high-grade native gold in quartz veins at Lunahuasi confirms the existence of a part of the system that we have been hoping to discover since we started drilling. Although we have intersected high gold grades in previous holes, this new style of mineralization is fundamentally different and significantly increases the potential value of the project.

This style of veining is a well-known component of the high-sulphidation epithermal deposit model, and there are several good examples of these veins in similar systems, including at the El Indio deposit located 150km southwest of Lunahuasi. It is related to a slightly later stage of intermediate or low-sulphidation mineralization, typically following the same structures and cross-cutting the earlier pyrite-enargite copper-gold-silver veins.

This cross-cutting nature can make it difficult to recognize this as a separate mineralizing event in places where the veins manifest as massive sulphide veins or breccias with a cross-cutting component of gold-rich quartz as breccia filling or discreet veins. The distribution of gold within them can be highly variable, typically forming an “ore shoot” geometry with sections of the veins containing much higher grades than the average. For example, at El Indio the gold veins averaged between 18 and 30 g/t Au, with ore shoots containing >100 g/t Au obtaining dimensions of 1-2m wide and up to 100m long.

These veins differ from the pyrite-enargite veins, which themselves can contain appreciable gold, by their simple mineralogy – native gold in quartz veins with a low sulphide content. They are typically comprised of chalcedonic quartz with textures characteristic of low-sulphidation deposits, such as banding, open vugs and brecciation. See Figures 1-3 for examples of the mineralization. Table 2 shows interpreted intersections of these later, gold-rich veins in both the Saturn and Mars zones.

Table 2: Intersections of Gold-Quartz Vein Mineralization

The Saturn zone veins shown in Table 2 span a strike length of 120m north-south from DPDH046 in the north to DPDH021 in the south, and 100m vertical between the same two holes and remain open in all directions. The Mars zone veins are 40m north-south from DPDH007 in the north to DPDH032 in the south and 155m vertical from DPDH007 down to DPDH035 and also remain open in all directions.

The Phase 3 drill program was completed on May 8, 2025, with a total of 25,003m drilled in 24 holes. All field activities have now been concluded, and all assay results have now been released. We are focused on advancing our geological interpretation and building out the deposit model during the austral winter season before finalizing and announcing our Phase 4 program plans in the upcoming months.

Table 3: Assay Intervals by News Release Date

Qualified Persons and Technical Notes

The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice President, Exploration for the Company.

Samples were cut at NGEx’s operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged, and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. ALS is an accredited laboratory which is independent of the Company. Gold assays were by fire assay fusion with AAS finish on a 30g sample (Au-AA23). Any samples returning > 10 g/t were then reanalyzed by fire assay with gravimetric finish on a 30g sample (Au-GRA21). Copper and silver were assayed by atomic absorption following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches it typically contained in chalcopyrite and bornite. Copper and gold standards as well as blanks and duplicates (field, preparation, and analysis) were randomly inserted into the sampling sequence for Quality Control. On average, 10% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.

About NGEx Minerals

NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres to the northeast in Chile’s Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits.

NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones.

Figure 1: DPDH046 – 290 g/t Au at 469.00m (CNW Group/NGEx Minerals Ltd.)

Figure 2: DPDH046 – 504 g/t Au at 522.25m (CNW Group/NGEx Minerals Ltd.)

Figure 3: DPDH046 – 504 g/t Au at 522.20m (CNW Group/NGEx Minerals Ltd.)

Lunahuasi Geology Drill Plan 2025 July B (CNW Group/NGEx Minerals Ltd.)